According to the latest data from CoStar, the hotel industry in the Americas and Asia Pacific regions has shown significant growth in pipeline activity over the past year. This leading real estate marketplaces, information, and analytics provider reported positive trends at the end of the second quarter of 2024.

Europe

In contrast, Europe experienced a slight decline. Rooms under construction decreased by 2.4% to 165,858. Final planning rooms dropped significantly by 20.9% to 93,241, while rooms in the planning stage increased by 8.0% to 160,651. Overall, Europe’s total number of rooms under contract saw a 3.8% decline, totalling 419,750. Germany and the U.K. were the leading countries in construction activity, with 27,302 and 25,312 rooms, respectively.

Asia Pacific

Asia Pacific saw substantial growth, particularly in rooms under construction, which rose by 4.4% to 503,770. However, final planning rooms declined by 22.9% to 91,282. The planning stage saw a remarkable increase of 16.5%, reaching 323,931 rooms. Overall, the total number of rooms under contract grew by 4.5%, totalling 918,983 rooms. China dominated the region with 319,012 rooms under construction, followed by Vietnam with 36,521 rooms.

Middle East & Africa

The Middle East and Africa region showed a mixed performance. Rooms under construction decreased by 5.6% to 109,005, while final planning rooms plummeted by 23.8% to 33,040. On the positive side, rooms in the planning stage grew by 9.2%, reaching 83,020. The total number of rooms under contract dropped by 4.2% to 225,065. Saudi Arabia and the United Arab Emirates led the construction activity with 42,786 and 18,933 rooms, respectively.

Americas

The Americas region demonstrated impressive growth across all stages of hotel pipeline activity. Rooms under construction increased by 8.3% to 208,718. Final planning rooms grew by 6.9% to 299,153, while rooms in the planning stage saw a substantial rise of 34.6%, reaching 385,945. The total number of rooms under contract in the Americas surged by 17.8%, totalling 893,816. The United States led the region with 157,713 rooms under construction, followed by Mexico with 13,301 rooms, Canada with 8,686 rooms, and Brazil with 5,948 rooms.

For more detailed information about CoStar’s data and services, visit CoStar Group.

Written by: Bridget Gomez

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